The consolidated sales of the Group of Companies of S&B Industrial Minerals S.A. posted a 39.6% increase in 2004, amounting to euros 404.3 million versus euros 289.6 million in 2003. Consolidated profits before taxes amounted to euros 29.5 million versus euros 26.8 million in 2003, marking an increase of 10%.

After the deduction of minority shares, the respective profits amounted to euros 28.1 million versus euros 25.9 million in 2003 (an 8.5% increase). In the industrial minerals sector (representing 78% of the Group?s turnover), sales increased by 44.7%, amounting to euros 315.8 million versus euros 218.3 million in 2003. This increase is primarily attributed to the consolidation of sales of the recently acquired STOLLBERG International Group and of the Bulgarian company BENTONIT AD (acquired in late 2003), as well as to the increase of sales of the Group?s main products (bentonite, perlite, bauxite) and especially of expanded perlite. Despite the particularly high shipping freight costs throughout the year, earnings before tax, interest charges and depreciation (EBITDA) reached euros 57.8 million, marking an increase of 14.9%. Profits before taxes, also affected by increased financial and goodwill amortization charges, due to acquisitions, noted an increase of 3.1%, amounting to euros 23 million. The commercial activities sector (MOTODYNAMICS S.A. and ERGOTRAK S.A.) noted a significant increase both in terms of sales and profitability.

More specifically, sales in this sector increased by 24.1% in 2004 (from euros 71.3 million to euros 88.5 million), and profits before taxes by 44.1% (from euros 4.5 million to euros 6.5 million). This increase is primarily attributed to MOTODYNAMICS S.A., the sales and profits of which increased by 28.6% and 49.6% respectively, as a result of the growth in the two-wheeler market, and of the successful launch of MOTODYNAMICS S.A. into the retail market through a company-owned retail network.

Commenting on the Group?s overall performance in 2004, S&B's Chief Executive Officer, Mr. Efthimios Vidalis stated that '2004, the year of S&B?s 70th anniversary, was a very significant year for the Group. The acquisition of the STOLLBERG International Group, in particular, constitutes a strategic milestone for S&B?s further development and expansion into new geographic areas, new markets and new products, while ensuring leading positions in the sectors of our interest'. Referring to 2005, Mr Vidalis stated: 'Our primary goal for 2005 is the acceleration of our efforts, focusing on solidifying and increasing the Group?s profitability and competitiveness. At the same time, an integral part of our strategy remains the continuous search for new business opportunities, through acquisitions and partnerships.'